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Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
 Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, many owners abstain from the newbuilding realm, especially in the wet and dry sector, while sticking to ageing fleets. During 1H22, fleet grew by 1.4% (est. 2.8% in 2022), which is way below the 10-year average growth of 3.6%. While new orders are not coming in fast enough to halt the trend of an ageing fleet, the introduction of EEXI, CII and EU ETS at the beginning of 2023, has resulted in a record of 61% of newbuild orders being alternative fuelled.
According to our data, tanker fleet renewal remains muted across 1H22. Overall, 31 vessels have been ordered within 2022 in the wet sector (with the orderbook standing at 5% of fleet capacity), of which 1 is methanol & ammonia ready, 1 is methanol fuelled, 2 are battery powered and 2 are LNG fuelled. With risks to the tanker demand still prevailing on the back of macroeconomic factors and high oil prices, the tanker market has witnessed significantly improved conditions in recent months, underpinned by shifts in trade patterns resulting in tonne-mile increase. Low stocks, paired with high refinery margins are expected to further boost trade growth in seaborne volumes and tonne-miles and contribute to the revival of an ageing fleet.
On the dry front, contracting activity hit low levels, partly on the back of uncertainty over decarbonization trends. Current orderbook stands at 7% of the fleet capacity, marking a 30-year low, which suggests a very limited growth capacity. According to our records, 85 bulkers have been ordered during 1H22, of which 5 are LNG fuelled or dual-fuelled, 3 being ammonia-ready/fuelled and 25 meeting EEDI phase 3 standards. Overall, 14 % of the total orderbook are alternative fuel capable, with Capesize segment leading the decarbonization pathway.
On the container front, however, the market sentiment is bullish with an orderbook at 28% of the fleet capacity. Amid disruptions to the world trade caused by the pandemic and a shortage of new vessels, freights have been rallying and therefore, fuelling owners’ appetite for boxhsips, which has prevailed during 1H22. More specifically, out of the total of 295 vessels ordered, 57 are dual-fuelled and LNG fuelled, 32 are methanol and ammonia-ready, while 31 meet EEDI phase 3 standards.
Newbuilding ordering activity has further been supported by the recent spree in LNG contracts. According to our data, contracting activity in the sector hit record highs with a total of 112 new vessels ordered within 2022, boosting the orderbook to 37% of the fleet capacity. Berths for the Qatar LNG project are monopolizing the owners’ interest, providing further support to the market. Out of the total of 112 vessels, 32 are booked for the Qatari project and 6 of them are dual or LNG-fuelled. Further supported by growth in LNG tonne-mile trade on the back of the sanctions on Russian gas from EU/US, and the recently announced plan for expansion of Qatar’s mega-plant and Cheniere’s Corpus Chritsti plant, market sentiment for LNG contracting activity remains firm.
By Chara Georgousi
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Bhatia International Limited - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
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